UniCredit SpA, Italy’s biggest bank, posted a record 15 billion-euro ($20.8 billion) fourth- quarter loss as it set aside money for bad loans and wrote down goodwill from acquisitions. It plans to cut 8,500 jobs.
Deutsche Bank AG will pay about 925 million euros ($1.27 billion) to settle a 12-year-old dispute with the heirs of Leo Kirch over the collapse of his media group, according to two people familiar with the matter.
Deutsche Bank AG, Germany’s biggest bank, is close to settling litigation over the collapse of Leo Kirch’s media group for more than 900 million euros ($1.2 billion), according to a person with knowledge of the talks.
Hugo Boss AG fell to a 2 1/2-week low in Frankfurt trading after Hamburger Sparkasse cut its recommendation on Germany’s biggest luxury clothier to “ hold ” from “buy,” citing the cost of the retail chain’s expansion.
German stocks rose for a third day, with the DAX Index poised for its biggest weekly gain since July, as a gauge of consumer confidence increased and investors awaited U.S. gross domestic product data.
ThyssenKrupp AG, the German steelmaker seeking to divest its Americas unit, fell the most on the DAX index after two people briefed on its plans said it may hold on to its plant in Brazil and sell only the U.S. operation.
Rabobank Groep, the co-operative formed in 1898 to lend to Dutch farmers, was fined 774 million euros ($1.1 billion) and the chairman resigned as the scandal over the rigging of benchmark interest rates ensnared a fifth firm.
Europe’s biggest banks, led by Lloyds Banking Group Plc and Deutsche Bank AG, have racked up more than $77 billion in legal costs since the financial crisis, five times their combined profit last year.